LUBBOCK, TEXAS — KW Commercial has brokered the sale of Western Oaks and Omni, two properties totaling 171 units in the western Texas city of Lubbock. Western Oaks was built in 1972 and offers two-bedroom units, according to Apartments.com. Omni was constructed in 1979 and offers one- and two-bedroom apartments. Greg Brownd of KW Commercial represented the seller in the transaction, while Grant Roehm of KW Commercial represented the buyer. Both parties requested anonymity.
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income development in Philadelphia’s East Falls neighborhood. The project is the adaptive reuse of the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013. The property is now a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015. Architecture firm Looney Ricks Kiss facilitated the transition of the site.
ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a 320-unit community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential (NYSE:EQR) purchased the property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the deal. Located at 652 Angier Ave. NE, Iris O4W was built in 2023. The community offers studio, one- and two-bedroom apartments with an average size of 860 square feet. Amenities include …
VERNON HILLS, ILL. — Bender Cos. has acquired Arrive Town Center in the northern Chicago suburb of Vernon Hills. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer in the deal. The seller and sales price were undisclosed. Arrive Town Center was built in 2010. The community offers 85 apartments with an average size of 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and a heated indoor parking garage. The property also features 10,000 square feet of ground-floor retail space. The new ownership plans …
BOERNE, TEXAS — KW Commercial has negotiated the sale of Legacy at Cibolo, a 238-unit community located in the northwestern San Antonio suburb of Boerne. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed. Legacy at Cibolo was built in 2020. The property offers one- two- and three-bedroom units. Community amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails.
The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …
NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …
CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties …
GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million project located at the Grandview Yard mixed-use development in the Columbus suburb of Grandview Heights. Construction on the community is slated to begin late this year, with delivery slated for 2026. Once completed, Parkline will comprise 385 apartments. The community is designed in an “s-shaped” configuration in order to maximize views of the park and courtyards. The property will also feature first-floor amenities, commercial space and an adjacent parking structure, bringing the neighborhood total …
NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into …